USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 7.41% against the CAD and closed at 1.4008.
On the data front, Canada’s seasonally adjusted Ivey Purchasing Managers’ Index (PMI) plunged to 26.0 in March, more than market forecast for a fall to a level of 41.0 and compared to a reading of 54.1 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.4036, with the USD trading 0.20% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3951, and a fall through could take it to the next support level of 1.3867. The pair is expected to find its first resistance at 1.4114, and a rise through could take it to the next resistance level of 1.4193.
Looking ahead, traders would keep a watch on Canada’s housing starts for March and building permits for February, slated to release later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
